04 Juni 2021, USD/JPY
Technical observation
USD is trading with an increasing bullish bias between a supportive zone 104.74-104.22 and a resistance level 114.15, I expect this upwards movement to continue to the resistance level I have mentioned above followed by a clear breakout above it with a big green candle. If you are currently neutral with this pair, remain so and wait for a clear breakout above the level 114.15 and a correction to it to buy USD with your take profit at 125.70. However, if price rally downwards and is rejected within the zone 104.74-104.22, buy USD within the zone with your take profit at 114.15. On the chart above, I can only recommend short positions below 104.74-104.22.
Trade recommendation
Remain flat.